The
rising wedge pattern (identified last week) failed to make
five clear points of contact with the converging borders prior
to the breakout — and is therefore unreliable according
to
Bulkowski. Spot gold is testing short-term support at $900
and failure would warn of a test of primary support at $850.
Alternatively, breakout above $930 would signal a further
primary advance.

March 2008 Light Crude respected primary support and is headed
for another test of $100/ barrel, after completing a double
bottom with a breakout above $92.50. Failure of support at $86
is unlikely — and would warn that crude has started a
primary down-trend.

The weekly chart shows a strong primary up-trend with broad
consolidation below strong resistance at $100. A failed (or
partial) swing would warn of a breakout.

The euro broke short-term resistance at $1.4600 and is
now retracing to test the new (short-term) support level.
Respect would confirm another test of $1.49, while downward
breakout would test the lower border of the broad ascending
triangle formed over the past few months.

In the long term, breakout above the key psychogical level of
$1.50 would offer a target of 1.50+(1.50-1.43)=$1.57; while
reversal below $1.43, though unlikely in the present
circumstances, would reverse the primary up-trend.

Source: Netdania

The dollar continues in a long-term down-trend against the
yen, with a target of 100. In the short-term, having
reversed above 108, followed by a short retracement that
respected the breakout level, expect the greenback to test the
upper border of the trend channel.

Source: Netdania

The Australian dollar broke above $0.91 after twice
respecting support at $0.89 against the greenback. Expect a
test of $0.94. Reversal below $0.89 is most unlikely —
and would indicate a test of $0.85.

Source: Netdania

The Aussie is testing the upper border of a broadening
descending formation against the yen and breakout above
100 would signal a test of 108. In the short-term, narrow
consolidation below $100 would be a bullish sign.

Source: Netdania

How can we enjoy life while being responsible to others?
Buddhists advise: “Act as if the future of the universe
depends on what you do, while laughing at yourself for thinking
that your actions make any difference.”